Recent Developments

The Turkish Council of Ministers has decided to IPO up to 42.75% of Borsa Istanbul, the Turkish stock exchange, in 2015, with a possible extension through 2016. The exchange is now authorized to appoint underwriters and other consultants and to enter into all offering-related documents on behalf of the Turkish Undersecretariat of the Treasury, which holds the government's shares. The offering price is subject to the approval of the Council of Ministers. The shares will be deemed to have been quoted onBorsa Istanbul upon approval of the Turkish offering circular (izahname) by the Capital Markets Board.

Borsa Istanbul

Borsa Istanbul is currently the sole stock exchange in Turkey. It was established following the enactment of the new Capital Markets Law in 2012. Borsa Istanbul brought all Turkish capital markets exchanges under a single roof, combining the former Istanbul Stock Exchange (İstanbul Menkul Kıymetler Borsası, İMKB), the Istanbul Gold Exchange (İstanbul Altın Borsası, İAB), and the Derivatives Exchange of Turkey (Vadeli İşlem Opsiyon Borsası, VOB).

Borsa Istanbul recently transferred 5% of its capital to Nasdaq OMX under strategic partnership agreements. It currently holds 36.60% of its own capital, with the Treasury holding 49%.